The quasi judicial body will safe guard home buyers interest
Geetanjali Minhas | November 23, 2015
Maharashtra will soon have a housing regulatory authority. Chief Minister Devendra Fadnavis has said that the housing regulator would be established within a month. The housing regulator will be a quasi-judicial body with powers to safeguard the interests of home buyers and resolve disputes relating to the housing sector.
The Maharashtra Housing (Regulation & Development) Act, 2012, was passed two years ago and the Presidential assent came in 2014. However, the state could not set up the Authority as the Centre's real estate Bill is still pending in the Rajya Sabha.
But keeping in view Mumbai’s housing needs which are different from the rest of the country, the state government convinced the centre on the establishment of a state authority. “The government also successfully argued that the state's provisions were better than the proposed central law. The Centre has accepted the state's submission and given its nod for the establishment of the Authority” a government official said.
Under the authority, it will be mandatory for developers to disclose the property title, layout and completion plans to buyers. The project details will have to be registered with the authority and will be displayed on its website. The promoters will have to apply to the regulator for the registration of every project to be constructed on a separate plot.
The authority provides for disqualification and cancellation of registrations of projects. Before cancellation of registration, the regulator will issue notice to the promoter, who should respond within seven days. This apart the authority can impose a fine of up to Rs one crore and prison terms up to three years.
Buyers of a stalled project can form a legal entity and assume control of the construction process.
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